(A)
The
person to whom an instrument is initially payable is determined by the intent
of the person, whether or not authorized to sign the instrument, who signs the
instrument as, in the name of, or in behalf of the issuer of the instrument.
The instrument is payable to the person intended by the signer even if that
person is identified in the instrument by a name or other identification that
is not that of the intended person. If more than one person signs in the name
or behalf of the issuer of an instrument and all the signers do not intend the
same person as payee, the instrument is payable to any person intended by one
or more of the signers.

(B)
If
the signature of the issuer of an instrument is made by a check-writing machine
or other automated means, the payee of the instrument is determined by the
intent of the person who supplied the name or identification of the payee,
whether or not authorized to do so.

(C)
A person to whom an instrument is payable may be
identified in any way, including by name, identifying number, office, or
account number. For the purpose of determining the holder of an instrument, the
following rules apply:

(1)
If an instrument
is payable to an account and the account is identified only by number, the
instrument is payable to the person to whom the account is payable. If an
instrument is payable to an account identified by number and by the name of a
person, the instrument is payable to the named person, whether or not that
person is the owner of the account identified by number.

(2)
If an instrument is payable to a trust,
an estate, or a person described as trustee or representative of a trust or
estate, the instrument is payable to the trustee, the representative, or a
successor of either, whether or not the beneficiary or estate is also named.

(3)
If an instrument is payable to
a person described as agent or similar representative of a named or identified
person, the instrument is payable to the represented person, the
representative, or a successor of the representative.

(4)
If an instrument is payable to a fund or
organization that is not a legal entity, the instrument is payable to a
representative of the members of the fund or organization.

(5)
If an instrument is payable to an office
or to a person described as holding an office, the instrument is payable to the
named person, the incumbent of the office, or a successor to the incumbent.

(D)
If an instrument is
payable to two or more persons alternatively, it is payable to any of them and
may be negotiated, discharged, or enforced by any or all of them in possession
of the instrument. If an instrument is payable to two or more persons not
alternatively, it is payable to all of them and may be negotiated, discharged,
or enforced only by all of them. If an instrument payable to two or more
persons is ambiguous as to whether it is payable to the persons alternatively,
the instrument is payable to the persons alternatively.